Disloyal managers and shareholders' wealth
Review of Financial Studies
Replication codes


I. SAS codes
SAS codes to generate Stata data files are numbered from 0 to 10. 
These files should be run in that order to generate datasets used in later SAS codes.
Non-third-party data files used by the SAS programs are stored in "data" folder.

II. Stata codes
Stata do program files to process variables and perform regressions are numbered from 2 to 10 
respective to the corresponding SAS codes. 
These Stata programs use the Stata dta files generated from the respective SAS codes.

III. Pseudo data 
Observations in the Stata data files generated from the SAS codes are randomly selected 
to create pseudo data files stored in "cow" folder as samples of data structure. 
All firm identifiers such as CUSIP, PERMNO, and GVKEY are changed due to WRDS and Thomson copyright.